Canadian Natural Resources surpassed expectations for second-quarter profit on Thursday, benefiting from higher oil and natural gas production.
Canadian oil sands producers have shown resilience during the global oil industry downturn, buoyed by years of investment that have made them among the lowest-cost operators in North America.
Oil prices, buoyed by Middle East supply fears after months of Israel-Iran strikes, have handed Canadian Natural Resources and its oil sands peers a windfall, with Brent’s climb toward $100 a barrel reinforcing Canada’s pitch as a safer, chokepoint-free alternative to Gulf crude.
The country’s largest oil and gas producer said its output grew to 1.67 million barrels of oil equivalent per day (boepd) during the second quarter, from 1.42 million boepd a year ago.
The Calgary, Alberta-based company posted an adjusted profit of C$2.19 per share for the three months ended June 30, compared with analysts’ average estimate of C$1.90, according to data compiled by LSEG.
(Reporting by Varun Sahay in Bengaluru; Editing by Jonathan Ananda and Devika Syamnath)